Residents across parts of Lagos State have described the spiralling cost of house rents as suffocating, urging urgent legislative and executive intervention to prevent a deepening housing crisis.

In separate interviews with PUNCH Metro on Tuesday, many residents lamented that rent now consumes nearly half—or more—of their annual income, leaving little room for savings or basic needs.

A 2023 report on Nigeria’s housing market indicated that households spend between 50 and 70 per cent of their income on rent—far above the globally recommended threshold of 30 per cent—describing the development as “symptomatic of structural dysfunction, not a temporary spike.”

A resident of Ogba, Rasaq Adebanjo, said the rising cost of accommodation has become unbearable

“House rents in Lagos have become too expensive. Some landlords even state that rent increases automatically after three years. And that’s if you can find one you can conveniently pay for without it consuming your entire yearly income. It’s really hard,” he said.

A corps member, Mercy, recounted her shock while searching for accommodation shortly after arriving in Lagos.

“When I came to Lagos, the first thing I needed was accommodation. But an agent asked for N1.5m for a mini flat in Surulere—not even on the Island. I was shell-shocked.

“I later realised I wasn’t alone after colleagues shared similar experiences. Even when three of us tried to pool money together for an apartment, we still couldn’t afford it.

“Meanwhile, we go to work daily, earning a N77,000 allowance and a N30,000 stipend from the company where I’m serving.”

A fresh graduate, Peter, who recently relocated to Lagos for employment, said he currently squats with a relative in Ogun State due to high rents in the state.

“At the moment, I’m staying with a relative in Ogun State. Transport alone is extremely expensive. I still don’t understand how people adapt to this in Lagos,” he said.

A banker working in Obalende, Damola Hafiz, warned that the situation could worsen without decisive action.

“Last year, I paid N800,000 for my rent. Early this year, my landlord informed me that the new rent would be N900,000 for a single room in Ketu.

“When I said I couldn’t afford it, he asked me to move out. After seeing the reality during house-hunting, I had to return to beg him. It’s very hard these days,” he said.

Another tenant in Ikeja, Moses, said rising living costs have made saving nearly impossible.

“When someone earns N300,000 monthly for years and cannot boast of N50,000 savings at year-end because everything goes into food, rent, and transport, it leads to frustration and desperation,” he said.

Speaking on the need for strong political will, Ayodele Adio, an aspirant for the Lagos State House of Assembly seat in Eti-Osa, described the situation as a “rent crisis.”

He noted that many working residents spend between 60 and 70 per cent of their income on rent and transportation combined.

“When people are spending almost all their earnings just to keep a roof over their heads and get to work, something is broken,” he said.

Citing inflation data released by the National Bureau of Statistics, Adio proposed tying rent increases strictly to official inflation rates. Under his proposal, if inflation stood at 10 per cent in the preceding year, landlords would only be allowed to increase rents within that margin, with minor adjustments based on location.

He also pledged to sponsor legislation to cap agency and legal fees at five per cent, mandate a minimum 12-month notice before rent increases take effect, and restrict rent hikes to once every three years.

In addition, he called for stricter regulation of short-term rental platforms such as Airbnb, arguing that their rapid expansion has reduced the supply of long-term residential housing.

“These are short-term stabilisers. The real problem is supply,” he said.

Adio advocated facilitating or constructing at least 20,000 housing units annually over the next decade to ease market pressure, stressing that the government must take a more active role in housing delivery.

“Land costs are high, building materials are expensive, and the cost of capital is rising. If only the private sector builds, prices will continue to climb. Government must intervene massively,” he said.

He also called for mortgage reforms to enable working-class residents to access long-term financing at affordable rates.

“Reducing rent burdens, improving transportation, and strengthening public services will free up income for households, stimulate businesses, and promote economic growth,” he added.

When contacted, the Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, asked to be called back later as he was attending a function. Subsequent efforts to reach him were unsuccessful as of the time of filing this report.

(Punch News)

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